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Foreign IPO capital market choice: understanding the institutional fit of corporate governance

Moore, Curt B. and Filatotchev, Igor and Bell, R. Greg and Rasheed, Abdul A. (2012) Foreign IPO capital market choice: understanding the institutional fit of corporate governance. Strategic Management Journal, 33 (8). pp. 914-937. ISSN 01432095

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Abstract

While product market choices have been central to strategy formulation for firms in the past, the integration of financial markets makes the choice of capital markets an equally important strategic decision. We advance a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. We find that internal governance characteristics (founder-CEO, executive incentives, and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication, and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms. Our results suggest foreign IPO firms select a host market where the firms' governance characteristics and third party affiliations fit the host market's institutional environment.

Item Type: Article
Additional Information: To see the final version of this paper please visit the publisher's website. Access to the published version requires a subscription. The definitive version is available at http://onlinelibrary.wiley.com/.
Keywords: foreign / IPO / governance / market / choice
Divisions: Departments > Welthandel > International Business
Version of the Document: Draft
Variance from Published Version: Minor
Depositing User: ePub Administrator
Date Deposited: 04 Dec 2012 11:03
Last Modified: 15 Sep 2017 11:25
Related URLs:
FIDES Link: https://bach.wu.ac.at/d/research/results/58186/
URI: http://epub.wu.ac.at/id/eprint/3709

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